Italy Fines Crowdfunding Platform €1.5M For Unfair Practices
Law360, London (December 18, 2020, 4:13 PM GMT) -- Italy's antitrust watchdog said on Friday that it has fined the Irish subsidiary of GoFundMe Inc. €1.5 million ($1.8 million) for misleading investors on the commission it takes when they make donations to fundraisers on the U.S. crowdfunding platform.
GoFundMe Ireland Ltd. used unfair commercial practices by failing to provide users with information on the costs associated with donating money through the platform, in breach of Italy's consumer code, the Italian Competition Authority said.
The watchdog said the Irish subsidiary of the platform advertised that it was free to use on its homepage and the webpages of individual fundraising campaigns. But the...
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